Zincore to Become Golden Cross with Reedy Creek Acquisition
Deal News | Feb 13, 2025 | EIN
Zincore Metals Inc., a Vancouver-based company listed on the TSX Venture Exchange, is set to undergo a significant transformation with the acquisition of the Reedy Creek and Providence Gold projects in Victoria, Australia, from Great Pacific Gold Corp. and a concurrent capital restructure. The transaction involves a series of corporate actions including a consolidation of Zincore's shares, a proposed name change to Golden Cross Resources Inc., and additional financing efforts aimed at supporting the acquisition's expenses and future project development. The company has outlined a detailed progression plan, which includes seeking regulatory approval from the Exchange and appointing an experienced industry executive, Nicholas Rowley, to its board to aid in strategic development. The acquisition also involves related party transactions due to the participation of two directors in the financing structure, which complies with existing securities regulations.
Sectors
- Mining
- Financial Services
Geography
- Canada – Zincore Metals Inc., the acquirer, is based in Vancouver, British Columbia, hence Canada is a significant geography.
- Australia – The acquisition targets, Reedy Creek and Providence Gold projects, are situated in Victoria, central to the transaction, marking Australia as a crucial geography.
Industry
- Mining – The primary focus of the article is on the acquisition of gold mining projects, specifically Reedy Creek and Providence Gold projects, making it a key sector.
- Financial Services – The article discusses various financial transactions including share consolidations, fundraising, and private placements, indicating the involvement of financial services.
Financials
- $500,000 – Cash deposit payable to the Vendor upon execution of the acquisition agreement.
- $582,800 – Gross proceeds from Fundco's private placement.
- $4,350,000 – Planned gross proceeds from the non-brokered private placement to fund the project and transaction expenses.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Zincore Metals Inc. | Buyer | Company | A Vancouver-based firm acquiring mining projects, planning to rename to Golden Cross Resources Inc. |
| Great Pacific Gold Corp. | Seller | Company | The vendor of the Reedy Creek and Providence Gold Projects in Victoria, Australia. |
| 1513609 B.C. Ltd. | Holding Entity | Company | A subsidiary of the Vendor which holds interest in the project through an Australian subsidiary. |
| Fundco (1512736 B.C. Ltd.) | Funding Entity | Company | Established to provide funding for the initial deposit and related expenses for the Project acquisition. |
| Matthew Roma | CEO | Person | CEO of Zincore Metals Inc., involved in planning the acquisition. |
| Nicholas Rowley | Future Director | Person | Planned appointee for independent director with a strong background in finance and corporate development. |
| Darryl Cardey | Director | Person | A director of Zincore Metals involved in the related party transaction due to participation in the Fundco financing. |